You might be surprised to learn that men and women often have different estate planning needs and perspectives. This blog will focus on the needs and goals of females. Factors such as whether the woman is married, has children or is employed can make a significant difference in her estate planning needs. Thus, it is imperative that women take an active role in estate planning, which means talking to the attorney and asking your own questions.
The following a three considerations for women when it comes to their estate planning:
- In general, females are the caregivers. In many families, the wife is the primary caregiver for not only the children, but also for elderly parents and in-laws. As a result, the estate planning issues that women are typically focused on are appointing a guardian for their minor children or because they want to protect their older relatives by creating a trust or through the use of a power of attorney.
- Although it should no longer be assumed that men are the breadwinner for their families, for many families it is still the case. If this is your situation, you could lose your income stream if your spouse dies or becomes incapacitated. It is important for couples to ensure that both spouses have adequate life insurance policies.
- Studies have shown that women generally live longer than men. This means that you will be left to handle your spouse’s estate and all related matters such as taxes. Will you have sufficient retirement savings to support you and your loved ones? Remember, creating an estate plan is not only about the distribution of assets, but also about insuring that you will have property and money to support you throughout your life.
If you are interested in learning more about the unique issues that are important in your estate plan, contact us to schedule an appointment. Let us help you create a plan that will protect you and the most important people in your life.
The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.